As of June 2024, bitcoin miners saw a slight decline in revenue, totaling $963.67 million, down from May’s $964.24 million. This decrease was accompanied by a drop in hashprice from $57 per PH/s to $48. Despite these challenges, the month of June 2024 still saw higher revenue compared to the same period in 2023 when miners collected $783.76 million.
In terms of revenue breakdown, May saw $64.85 million coming from onchain fees, while June recorded $101.25 million attributed to fees out of the total $963.67 million. This indicates a shift in revenue sources for bitcoin miners, with fees playing a more significant role in their earnings. The 15.78% drop in hashprice from June 1 to the present, reflecting a challenging period for miners.
The hashrate also experienced a decrease from 599 EH/s to the current range of 560 EH/s, with most of this decline happening after June 23. During the past month, 4,176 blocks were mined, with Foundry USA and Antpool being the top performers, discovering 1,167 and 1,041 blocks respectively. The distribution of blocks mined among different mining pools gives insight into the dynamics of the mining ecosystem.
As the revenue decline is a concerning trend for bitcoin miners, the question arises whether earnings will bounce back in the future. It’s essential to consider various factors that could impact miner revenue, such as fluctuations in cryptocurrency prices, regulatory changes, and technological advancements in mining equipment. Share your thoughts and opinions on this subject in the comments section below and join the conversation on the future outlook for bitcoin miners.
